Global Toys Market to Reach $103.8 Billion by 2027: Allied Market Research
Increase in demand for strategy-based & educational based toys among the children and aggressive marketing strategy of online platforms drive the growth of the global toys market. North America contributed to the highest market share in 2019, and will maintain its leadership status by 2027. Manufacturing activities for toys have been halted due to lockdown restrictions imposed by governments across different countries.
Portland, OR, Jan. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global *toys market *generated $92.2 billion in 2019, and is projected to reach $103.8 billion by 2027, witnessing a CAGR of 2.5% from 2021 to 2027. The report provides a detailed analysis of changing market dynamics, top winning strategies, key segments, regional landscape, key investment pockets, and competitive scenario.
Increase in demand for strategy-based & educational based toys among the children and aggressive marketing strategy of online platforms drive the growth of the global toys market. However, the increased tariffs on Chinese goods as china is the major exporter of toys hinder the market growth. Contrarily, supportive government initiatives to promote local production present new opportunities in the next few years.
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Covid-19 Scenario:*
· Manufacturing activities have been halted due to lockdown restrictions imposed by governments across different countries. In addition, the supply chain disruptions have brought up the challenges in conducting manufacturing activity.
· China is the largest exporter of the toys across the world. The ban on export activities in the countries caused a demand-supply gap across the world.
· Supermarkets and physical stores have been closed during the lockdown. In addition, delivery services were stopped by online channels. However, the demand would grow during the post-lockdown period as the physical stores open and online channels begin delivery.
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The report provides detailed segmentation of the global toys market based on product type, age group, sales channel and region.
Based on product type, the sports and outdoor toys segment contributed to nearly one-fifth of the total market share in 2019, and is estimated to continue its lead position during the forecast period.However, the action figures segment is projected to portray the highest CAGR of 5.6% from 2021 to 2027.
By sales channel, the specialty stores segment held aroundone-third of the total share of the global toys market in 2019, and is estimated to maintain its dominance in terms of revenue throughout the forecast period.However, the online channels segment is projected to portray the highest CAGR of 4.5% from 2021 to 2027.
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Based on region, North America contributed to the highest market share in 2019, accounting for more than one-third of the total share, and will maintain its leadership status by 2027. On the other hand, Asia-Pacific is expected to witness at the highest CAGR of 5.4% during the forecast period.
Leading players of the global toys market analyzed in the research include Atlas Games, Goliath Games, ClementoniS.p.A., The LEGO Group, Hasbro, Inc., Ravensburger AG, Mattel, Inc., Vtech Holdings, Tomy Company, Ltd., and Thames &Kosmos.
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